The Chairman of the Board of Directors of Waterfront Real Estate Company, Badr Al-Rakaba, stated that the company’s net loss amounted to KWD 278,212, after deducting administrative, general, and other expenses. The company’s total assets amounted to KWD 21,742 million, and the total property rights amounted to KWD 21,733 million, while the company’s total liabilities stood at KWD 8,969, i.e., not exceeding 0.05% of the company’s total assets, and 0.05% of the total equity.
“Despite the shifts and fluctuations in the real estate market, the company remains focused on seeking out lucrative investment prospects. These opportunities encompass various avenues, including real estate projects, transactions, investments in real estate portfolios, and more. The company's management demonstrated their efficacy in the previous financial year by successfully negotiating and entering into agreements with the primary developer of the waterfront project. These agreements involve the exchange of the company's existing land holdings within that project for new parcels of land, along with acquisition rights for lands in other projects affiliated with the same developer in Dubai,” Al-Rakaba stated.
“These land assets also represent opportunities to acquire new plots of land in superior locations, offering greater flexibility for potential disposal or development. Currently, we are actively collaborating with the primary project developer to finalize the official land ownership transfer procedures. We anticipate that this move will yield substantial returns for the company going forward," Al-Rakaba added.
During the Extraordinary General Meeting (EGM), which saw an impressive attendance rate of 94.8%, the decision to reduce the company's authorized, issued, and paid-up capital from KWD 50 million to KWD 23.361 million was officially approved. This reduction amounted to KWD 26.638 million and was accompanied by the cancellation of 266.385 million shares, each having a nominal value of 100 fils per share. These actions were taken as a result of successfully clearing all accumulated losses by 31 December 2022.
The EGM also approved not to distribute profits, and not to pay remuneration to members of the Board of Directors for the financial year ended 31 December 2022. Additionally, it granted authorization for the Chairman of the Board of Directors and any other board members to concurrently serve on the boards of two competing companies, engage in activities that could be in competition with the company, or conduct trading, either for personal gain or on behalf of others, within the sectors of business practiced by the company in 2023. This approval aligns with the provisions stipulated in Article 197 of the Companies Law No. 1 of 2016. 
Approval was also granted to authorize individuals with a representative position on the Board of Directors, including the Chairman, Board members, or members of the Executive Management, along with their spouses and second-degree relatives, to hold a direct or indirect stake in contracts and transactions executed with the company or on its behalf during the year 2023, in accordance with the provisions specified in Article 199 of the Companies Law No. 1 of 2016.
 The Board of Directors was also authorized to buy or sell the company's shares, provided they do not exceed 10% of the total capital, in accordance with the provisions of Law No. 7 of 2010 and its executive regulations.